- Bitcoin settling strongly around USD 9,600
- Ripple holds meeting behind closed doors with Brazil central bank
- Kingdom Trust believes that a generational change will see Bitcoin penetrate the USD 28 trillion retirement fund industry
Bitcoin has stayed on the tide today, creeping back up slowly after yesterday’s sudden slip, which saw it breach long-term resistance at USD 10,200 only to come down and break past healthy support at USD 9,600 — recording sub 9000 prices on some exchanges even. It is right now at a better range around USD 9,600 (CoinDesk), almost 24 hours after Tuesday’s plunge.
But the bullish momentum has appeared to not have gone away, at least judging from the news in and about the blockchain industry. In South America, for example, blockchain firm Ripple, who also owns the XRP cryptocurrency, has just held a meeting behind closed doors with the central bank of Brazil. It was said that they both discussed “institutional matters“.
The financial institution’s president Roberto Campos Neto did the lockdown alternative of a video conference with Ripple CEO Brad Garlinghouse as well as other representatives from the company: Ben Lawsky, Member of the Board of Directors of Ripple, Eric van Miltemburg, Senior Vice President, Global Operations, Ripple , Luiz Antonio Sacco, Vice President of Global Operations and General Director for Latin America at Ripple.
Ripple and XRP have been in deep discussions of late, and their role and benefits in cross-border transfers have already been acknowledged by the US Consumer Financial Protection Bureau, regardless of its reluctance to agree that XRP could see mainstreama doption in the near future.
Ripple’s ambitions for Latin America, and Brazil in particular, were made clear at least since June 2019 after it opened an office in Sao Paolo, stating further intent to spread its wings across the region. The firm has so far been moving aggressively into the remittance sector, trying to promote XRP as a fast and cheap cross-border settlement currency. And since Brazil’s remittance flows are valued at USD 2.5 billion, this does seem like a market ripe for Ripples taking.
Last year, the company promised to firm up partnerships with local banks and other institutions in Brazil this year and so far has made good on those promises, already partnering with Santander, Bradesco, and Banco Rendimento to come aboard its own RippleNet blockchain-based financial service network.
Meanwhile, crypto custodian Kingdom Trust, one of the few licensed crypto businesses in the United States, has doubled down on its crypto links to the US retirement fund industry. Speaking to Cointelegraph, CEO Ryan Radloff, whose company is managing some USD 13 billion in funds, says that the USD 28 trillion US retirement fund industry is ripe for crypto to move into. He said:
“Right now, the single largest addressable market for Bitcoin is the 28 trillion dollars in the U.S. retirement market. There is no single more addressable market for Bitcoin to penetrate, or all digital assets, for that matter… Right now, all of that money is about to go through this generational change, and there has been hardly any penetration of Bitcoin into that market today.
According to Radloff, this will be a significant event, given that it is a potentially huge sum of US dollars just waiting to flow in to the crypto markets, making a huge impact from a stock-to-flow standpoint.
The fact that 7.1 million Americans already own Bitcoin means that the first wave of capital freeing itself from crypto to retirement funds is ready and waiting. The only thing is, not many Bitcoin holders are actually aware that they can hold Bitcoin in their retirement accounts. Saying that once the state began taxing Bitcoin, they basically allowed for it to be held by qualified custodians like Kingdom Trust in their retirement accounts. He summed up the potentail by saying:
“What we will consider success is that we make sure that all 7.1 million Americans that have bought Bitcoin already and have a retirement account know that they can buy Bitcoin in their retirement account in a regulated regulatory approved structure.”
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